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Q7(18)PSA

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Financial & Managerial Accounting
Found in: Page 154
Financial & Managerial Accounting

Financial & Managerial Accounting

Book edition 7th
Author(s) John J Wild, Ken W. Shaw, Barbara Chiappetta
Pages 1096 pages
ISBN 9781259726705

Short Answer

In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.

A. Current assets

B. Long-term investments

C. Plant assets

D. Intangible assets

E. Current liabilities

F. Long-term liabilities

G. Equity

18. Repairs expense

The correct answer is Z.

See the step by step solution

Step by Step Solution

Definition of expense

The amount paid by the organization for different activities that supports the production process is known as the expense related to a particular accounting period.

Reason of choice

Expense is the item of the profit and loss account and helps in calculating the profit of the organization. Hence, it cannot be disclosed in the balance sheet of the organization.

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